(c) The solicitor’s duty to keep separate accounting records for each controlled trust will in many cases be discharged by simply retaining bank statements, etc., provided that the narrative is sufficient to understand the various movements on the account. However, in the case of a trust which is particularly complex or is likely to be protracted, formal records should be kept.
(d) The reporting accountant should select what he or she considers to be a suitable sample of controlled trust accounts and it may then be appropriate to make a correspondingly reduced number of checks in respect of the client and other accounts. However, where trust work forms all or the major part of the business of a practice, the scale of work carried out by the reporting accountant will be on a par with that undertaken for a firm carrying out a similar amount of client account business.
(e) Where a trust company which is operated as an overseas corporate practice holds shares in investment companies established for individual clients, the reporting accountant is simply required to check the book-keeping system and accounting entries relating to the operations of the trust company itself, including its purchase of shares in individual investment companies. The operation of the investment companies themselves falls outside the scope of the accountant’s report.
28.07 Waivers for overseas practices
If local law or local conditions make it difficult or impossible for a solicitor to comply with the Solicitors’ Overseas Practice Rules 1990, application may be made to Professional Ethics (see p.xv for contact details) for a waiver under rule 19 (see Annex 9A at p.190).
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